Are you ready to dive into the world of cryptocurrencies and explore the exciting possibilities they offer? Well, get ready because today, we’re going to unravel the mystery of how to buy Chainlink in Canada, and it will be a thrilling ride!
Chainlink is not your average cryptocurrency. It’s a network that brings smart contracts to life, enabling seamless interactions across different blockchains. And guess what? Numerous projects have embraced its groundbreaking technology, making it a key player in the crypto space.
If you’re wondering how to buy Chainlink in Canada, you’ve come to the right place. In this article, we will walk you through the process step by step. We’ll demystify the world of smart contracts and explain how Chainlink ensures the accuracy and reliability of the data they rely on.
But that’s not all! We’ll also recommend some of Canada’s best crypto exchanges to buy Chainlink. We’ll also introduce you to the official Chainlink coin named the LINK Coin. Let’s get started.
How to Buy Chainlink in Canada
Buying cryptocurrencies in Canada is just as easy as a piece of cake. Here is a step-by-step guide on how to buy Chainlink in Canada in four easy steps. All you need is your smartphone or computer, an internet connection, photo identification and a means of payment.
The whole process can take as little as 15 minutes. Let’s get into it:
Step 1: Compare Crypto Exchanges
The first step to buying Chainlink in Canada is to choose a cryptocurrency exchange. There are numerous crypto exchanges and brokers in Canada.
While choosing the right crypto exchange for your needs, consider each platform’s fees, ease of use and customer support for easy navigation and excellent trading experience.
Step 2: Create an Account
After picking a suitable crypto exchange, you need to create an account with the trusted crypto exchange to enable you to buy and trade Chainlink. This will require verifying your email address and personal identity. Don’t worry; it’s a straightforward process. Just make sure you have a valid photo ID and a device at your disposal.
Step 3: Make a Deposit
Once your account is verified, you can deposit funds using your preferred payment method. Whether you prefer bank transfers, debit cards, or credit cards, most exchanges in Canada accept a wide range of payment options. Simply choose the method that suits you best and make your deposit.
Step 4: Buy Your Chainlink
Here’s the exciting part! With your funds in place, you can easily exchange your money for Chainlink. If you use a user-friendly exchange that prioritises convenience, buying Chainlink is as simple as entering the desired amount and clicking the “Buy” button. It’s that easy! And if you prefer to have complete control over your tokens, you can withdraw them to your personal wallet. The choice is yours!
Where to Buy Chainlink in Canada
When it comes to buying Chainlink in Canada, you have several reputable options to choose from. Let’s explore some of the top crypto exchanges in Canada that offer a seamless and secure trading experience.
As a leading crypto exchange in Canada, CoinSmart offers deep liquidity, advanced trading tools, and support for 16 popular coins, including Chainlink. Funding your account is flexible, with options like Interac e-Transfer, bank wire, and credit cards.
Enjoy low trading fees of 0.20% and take advantage of their current promotion offering a $50 cash bonus when you open and fund your account.
You can read my Coinsmart Review for more information.
2. Wealthsimple Crypto
Perfect for beginners, Wealthsimple Crypto provides a user-friendly platform to buy and sell Chainlink. With support for 50+ coins, including LINK, and plans to enable offline coin storage, it’s an excellent choice for those new to crypto.
Fund your account easily via bank transfer and benefit from competitive trading fees ranging from 1.5% to 2.0%. You can read my Wealthsimple Crypto Review for more information.
With Newton, you can access Chainlink and a diverse selection of 70+ other popular coins and tokens. This brokerage platform is beginner-friendly and available on all devices.
Funding your Newton account is convenient through bank transfers or crypto deposits. While trading fees can go up to 2%, they are included in the price you see, simplifying the process.
You can read my Newton Crypto Review for more information.
Newton Exchange is a cryptocurrency platform ideal for individuals new to the world of digital assets. Its user-friendly interface is perfect for those who want to explore cryptocurrencies for the first time. The platform also accepts Interac e-Transfer, a convenient payment option for Canadians who want to fund their accounts. Newton Exchange offers a diverse range of cryptocurrencies, including Bitcoin, Ethereum, Polkadot, Cardano, Tether, Dogecoin, Ripple, and numerous others.
Like Newton, Coinberry caters to newbie traders and supports Chainlink and 28 other coins. Funding your account is hassle-free with options like Interac e-Transfer and wire transfer.
Enjoy the security of offline storage for your crypto assets and protect your account with 2-factor authentication.
Known for its affordability, NDAX offers competitive trading fees of 0.20% per transaction, making it an attractive choice for buying Chainlink in Canada.
The platform supports LINK and over 30 other coins, and you can fund your account using crypto, bank wire, Interac e-Transfer, or bank draft. With offline multi-signature wallets and 2FA, NDAX prioritises the security of user funds.
Established in 2016, Bitbuy is a regulated crypto exchange trusted by Canadians, facilitating over $4 billion worth of cryptocurrency trades. With support for 15+ coins, including Chainlink,
Bitbuy offers convenient funding options such as Interac e-Transfer and bank transfer. Benefit from their robust security measures, including 99% of crypto assets stored in cold storage and 2FA protection.
You can read my Bitbuy Review for more information.
What is Chainlink?
Chainlink is a decentralised network of nodes that revolutionises the world of smart contracts by bridging the gap between on-chain and off-chain systems. Acting as a middleware, it seamlessly feeds accurate data to smart contracts, unlocking their potential to interact with real-world information.
Traditional smart contracts face limitations when it comes to utilising external resources. This is where Chainlink steps in, translating real-world data into a format that both blockchains and real-world systems can comprehend. Doing so enables smart contracts to access and utilise reliable data securely and decentralised.
Key to Chainlink’s operations is the Chainlink Core Software utilised by its nodes. This software acts as a bridge, translating the language of on-chain data into a language that real-world data sources can comprehend and vice versa. This seamless translation allows efficient and effective communication between smart contracts and the external world.
With Chainlink’s innovative approach, smart contracts can access reliable and accurate data, opening doors to endless possibilities in various industries. By bringing together the power of blockchain technology and real-world data, Chainlink is reshaping the landscape of decentralised finance and paving the way for a more interconnected future.
Is Chainlink a Smart Investment?
Investing always involves a certain degree of risk, and Chainlink is no exception. As with any investment, it’s crucial to remember the age-old wisdom: the greater the risk, the higher the potential reward.
However, it is essential to exercise caution and only invest funds that you can afford to lose. Prioritise financial security and ensure your investment decisions align with your risk tolerance.
Additionally, staying informed about the latest developments in the crypto community, both in Canada and globally, is vital. The cryptocurrency landscape is dynamic and ever-evolving. Keeping up-to-date with industry news, market trends, and regulatory changes can provide valuable insights that may impact investment decisions.
Is Chainlink Safe?
Absolutely! When it comes to security, Chainlink takes it very seriously. With a track record of strong partnerships with reputable tech companies, Chainlink has a lot at stake in maintaining its reputation and safeguarding investments.
Rest assured, Chainlink has established itself as a trusted player in the industry, committed to robust security measures. So, if you’re considering buying Chainlink, don’t hesitate to take the leap confidently. With its focus on safety and established reputation, Chainlink offers a secure and reliable investment opportunity.
Where Can You Store Your Chainlink Coins?
As an Ethereum-based ERC20 token, LINK can be stored in most major Ethereum wallets, providing you with convenience and flexibility.
Here are some trusted wallet options to consider:
- Mobile Wallets: Mobile wallets like Trust Wallet and Atomic Wallet offer a user-friendly interface and the convenience of accessing your LINK coins directly from your smartphone. These wallets provide a seamless and secure way to manage your digital assets on the go.
- Web Wallets: Web-based wallets such as Metamask and MyEtherWallet (MEW) allow you to store and manage your LINK coins through a browser interface. These wallets offer accessibility from any device with an internet connection, making regular transactions and interactions with the Chainlink network convenient.
- Hardware Wallets: Hardware wallets are highly recommended for enhanced security and peace of mind. Popular options like Trezor, ZenGo, Ledger Nano S, and the Bluetooth-enabled Ledger Nano X provide offline storage for your LINK coins. By keeping your private keys offline, hardware wallets offer an extra layer of protection against potential hacking attempts.
Remember, security should always be a top priority when it comes to storing your crypto assets. Safeguard your funds by choosing a reputable wallet and ensure your private key remains secure and inaccessible to unauthorised individuals.
ZenGo is a keyless non-custodial crypto wallet established in 2018. ZenGo Wallet has over 70 coins and is available in over 188+ countries. It is a revolutionary crypto wallet that provides maximum security to cryptocurrencies.
Unlike traditional crypto wallets that use private-public keys to secure coins, ZenGo keyless wallet security protects your coins with a 3-factor authentication consisting of email confirmation, cloud storage, and facial recognition.
- Supports over 70+ cryptocurrencies.
- Very secure- you can’t lose your coin even when hacked.
- You can buy and sell within the app
- Very easy to set up
- Has a nice, smooth, and catchy interface.
Final Thoughts on How to Buy Chainlink in Canada
Buying Chainlink in Canada is an exciting opportunity to delve into the world of decentralised finance. Following the step-by-step guides and exploring the reputable cryptocurrency exchanges and brokerages mentioned, you can easily acquire Chainlink and participate in this innovative ecosystem.
Take the first step towards purchasing Chainlink and unlock the potential of this groundbreaking cryptocurrency. Don’t miss out on its possibilities for diversifying your investment portfolio and exploring the world of smart contracts.
FAQs on How to Buy Chainlink in Canada
Can I move my Chainlink to my bank account?
You can withdraw funds from the cash balance in your crypto account and move them to your bank account. Withdrawals typically take roughly 2 to 3 business days.
How is Chainlink (LINK) taxed in Canada?
In a nutshell, the CRA treats cryptocurrencies as a commodity. According to CRA, any income from cryptocurrency transactions is generally treated as business income or capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or capital gain, any losses are treated as business or capital losses. We recommend always keeping records of Chainlink transactions. It could be useful in the long run.
What is a crypto wallet, and how does it work?
A crypto wallet, also called a “hot wallet, is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage). Many users use wallet applications to help them manage their blockchain addresses since each chain uses its own separate address.